FREQUENTLY ASKED QUESTIONS WHEN BUYING A PROPERTY
- What should I look first?
Before purchasing a property, the buyer may request a local advocate to verify and advise on the title position on the basis of records available at the office of sub-registrar, along with a non-encumbrance certificate issued by a competent authority. The chain of title should be clear and the purchaser should avoid the property if there is any missing link in the flow off the title.
- What should I look when buying a Society Flat?
If you are buying a flat belonging to a society from one of its original members, then you should obtain a no-objection certificate from the society. The share certificate in the name of the original member should be transferred in your name. If the previous owner owes any money to the society, then the society will not issue the no-objection certificate. Thus, you will be protected from discovering at a later stage about the dues.
- What should I look when buying from a second owner?
If you are buying from a second owner- that is from a person who has bought it from the original allottee on power of attorney, you must have the proof to establish the sale deed from the original allottee to the existing owner. It is better in such a case to buy the property on loan. The legal department of the bank from which you are taking the loan will vet the deal
- What to look for when purchasing from the Builder?
If you are purchasing property from a private builder, check that the builder possesses a free and marketable title to the property. The builder may have mortgaged the property to an institution or a bank from which he has borrowed money for carrying out construction. Get the lien vacated, otherwise when you apply for a loan you may not get it as the property is mortgaged one. One thing more, ensure that the construction is according to the sanctioned plan. There should be no extra or unauthorized construction.
- What is a Carpet Area?
Carpet area is defined as the net usable area measured up from the inner faces of the wall to wall.
- What is Built Up Area?
Built-up area is the net area of the flat, including space covered by the wall thickness, which is the property of the purchaser. This is generally 15% more than the carpet area of the flat.
- What is super built up area?
The super built up area is the gross area of the flat, including the proportionate share of the common spaces. These common spaces could be divided in to two segments, common spaces on each floor and common spaces in the building.
Common spaces on each floor- The staircases, lobby, lift etc. on the floor of the flat should be divided proportionately among the flat on the floor. Thus, super built -up area=built-up area + common spaces on each floor. In most cases it is the built up area for which you are charges a rate per square feet. To ascertain that you are not being taken for a ride, take the help of a surveyor.
- What else to look for?
If you are purchasing an old property, demand to see electricity bills, water tax receipts, and house tax receipts of the past from the previous owner. Ensure that he has cleared these dues and that these liabilities don't fall on you. The list of precautions and measures you can take are endless. But if you cross check the above matters you would be able to protect your investment and have a peaceful living.
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